union budget - dubai
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Budget2019-20
union
Key highlights of Union Budget 2019-20
Fastest growing major economy in the world - 11th largest in 2013-14 to 6th largest in 2019-20
8% annual GDP growth aimed until 2024-25 for US$5* trn economy, to become world's 3rd largest
In 2019-20, Indian is expected to record
growth of 7%; Indian
Economy grew by 6.8% in 2018-19
Focus on Virtuous Cycle of savings, investment and exports for sustainable growth in economy
78% increase in tax collection over 2013-14 to 2018-19 to US$166.5* bn; expansion of tax base
Note: US$1= ₹68.66*
Key highlights of Union Budget 2019-20
Proposed further recapitalisation of public sector banks (PSBs) with
infusion of over US$10.2* bn
GDP growth in the last
five fiscals topped 7.5%; In 2018-19, India
reported an 8% rise in exports
Recovery of US$58.4* bn in last four years due to Insolvency and Bankruptcy Code, among others
Provision of water for all household by 2024;
holistic infrastructure development in connectivity
Focus on empowering India’s space programmes; India has
undertaken +110 space missions
Reform, Perform,
Transform agenda: GST,
IBC, RERA, among other
policies transforming
lives
Policies for inclusive economic growth
Pradhan Mantri Karam Yogi Maandhan -
Pension benefits for retail
traders, small shopkeepers
Scheme of faceless
electronic tax assessment - Aadhaar and
PAN to become interchangeable
Plan to strengthen
MSMEs through fiscal incentives, liberated labor laws and skill development
Strong infrastructure for strong economy
Bharatmala Pariyojana Phase 2 to be launched; State road networks will be developed
World’s 3rd largest domestic aviation market; 14.1% rise in passenger traffic in 5 years
Jal Marg Vikas Project
and Sagarmala initiative improving logistics with well-connected waterways
Increasing PPP in railways infrastructure
development; 657 km metro rail now operational
PMAY-U: Houses
sanctioned: 8.1 mn; Construction started: 4.7 mn; Completed: 2.6 mn
Credit Guarantee Enhancement Corp to be set up in 2019-20 to boost infra financing
Keen emphasis on HRD development
National Research Foundation to fund, coordinate and promote R&D
+US$58.4* m provided for ‘World Class Institutions’ for FY 2019-20
Study in India to bring foreign students to higher educational institutions
Measures to prepare youth in AI, IoT, Big Data, 3D Printing, Virtual Reality
National Sports Education Board to be developed under Khelo India
Focus on R&D for sustainable urban infrastructure, energy, water usage
Push to raise investment in industries
Changes in customs duties to promote investment under Make in India
Interest subvention scheme for MSMEs: US$51.1* m allocated for 2019-20
Social stock exchange for listing social enterprises, voluntary organisations
E-verification to resolve tax issues relating to fundraising from investors
FAME Phase-2 commenced; Customs duty relief on some e-vehicle parts
Income tax deduction of interest on loans for e-vehicle purchase
FDI regulations eased to drive investment
100% foreign direct investment (FDI) allowed for Insurance intermediaries
Statutory limit for FPI investment in a company increased to sectoral limit
Local sourcing regulation to be eased for FDI in single brand retail outlets
India attracted US$64.4* bn worth of cumulative FDI during fiscal 2018-19
Tax proposals to maximise growth
Threshold for applicability of lower corporate tax of 25% raised from US$36.5* m to US$58.4* m
DS of 2% on cash withdrawal crossing US$146,000* /year from bank to boost less cash economy
No charges/MDR on set digital payments. These modes must be provided by large businesses
Effective tax rate for individuals having taxable income above US$292,000* has been increased
Sabka Vishwas Legacy Dispute Resolution Scheme for quick closure of service tax, excise cases
Policies to support rural development
Boost to agro-rural industries through cluster based SFURTI scheme
Special focus on development of bamboo, honey and khadi clusters
100 new clusters to be set up to enable 50,000 artisans during 2019-20
100 Business Incubators to enable 75,000 entrepreneurs under ASPIRE
Pradhan Mantri Matsya Sampada Yojana to strengthen fisheries sector
1,592 critical and over exploited blocks identified under Jal Shakti Abhiyan
Focus for the coming decade
Physical and social infrastructure
Digital India
Pollution free India
Make in India
Water management and clean rivers
Blue economy
Space programmes
Self-sufficiency and export of food grains
Healthy society
Team India with Jan Bhagidari
Thank You
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